Matrix Financial Solutions has launched a revamped version of its Matrix RetireTool(kit) to make life easier for financial advisors, broker-dealers and third-party administrators.

Company officials said the end-to-end retirement plan application features a more user-friendly fund selection and monitoring process, an updated plan proposal generator, support for new U.S. Department of Labor regulations, data from Morningstar, Inc., and an updated database of more than 25,000 fund options.

"The new version of RetireTool(k)it is another example of us listening to our clients and understanding the changing financial services landscape," said John Moody, President, Matrix Financial Solutions, in a statement. "With new regulations impacting the retirement plan market, in particular, organizations are scrambling to stay current, be in compliance and win new business.”

In addition to the new enhancements, Matrix officials said RetireTool(k)it also features customized proposals, access to quarterly and annual reports, as well as investment policy statements.

RetireTool(k)it is part of the Matrix broker-dealer platform, an integrated suite of retirement planning products and services designed specifically to help broker-dealer firms and RIAs more successfully navigate the retirement plan process by improving efficiencies and providing assistance in supporting regulatory mandates. The platform includes plan data feed and level compensation services, as well as the RetireTool(k)it advisor desktop applications.

Matrix Financial Solutions, which is now part of Broadridge Financial Solutions, Inc., is a leading provider of TrueOpen retirement products and services for third-party administrators, financial advisors, banks and other financial professionals. Matrix serves more than 300 financial institutions with over $145 billion in customer assets processed through its trading platform.

Larry Barrett writes for Financial Planning.